Regional 166 Loan Program

Regional 166 Loan Program

The OMEGA Regional 166 Loan program offers low interest fixed-rate loans to private-for-profit businesses in conjunction with bank financing. The 166 funds are used in the event that full financing cannot be obtained from a bank, or to ‘fill the gap’ between the bank’s participation and the borrower’s cash contribution. The 166 loan program cannot provide 100% financing of a project.

166 Loan Participation – approximately 40% of total project cost or a maximum of $500,000, whichever is less may be eligible

Equity – no less than 10% equity required of applicant

Use of Proceeds – acquisition of buildings, machinery, equipment and other fixed assets; construction, repair and renovation of facilities (prevailing wage applies to all construction and construction-related activities)

Who is Eligible?

Any private-for-profit business in the expansion phase that will be or is presently located within the OMEGA region and will be creating full-time equivalent jobs. The OMEGA region includes the following counties: Belmont, Carroll, Columbiana, Coshocton, Guernsey, Harrison, Holmes, Jefferson, Muskingum, and Tuscarawas.

Equal Credit Opportunity Notice

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided that the applicant has the capacity to enter into a binding contract); and because all or parts of the applicant’s income is derived from any public assistance program; or because the applicant has in good faith, exercised any rights under the Consumer Credit Protection Act. The Federal Agency that administers compliance with this law concerning this creditor is the Federal Trade Commission. If a person believes they were denied assistance in violation of this law, they should contact the Federal Trade Commission, Washington, D.C. 20580.

Nondiscrimination Statement

If you wish to file a Civil Rights program complaint of discrimination, complete the USDA Program Discrimination Complaint form found online at http://www.ascr.usda.gov/complaint_filing_cust.html or at any USDA office, or call (866) 632-9992 to request the form. You may also write a letter containing all the information requested in the form. Send your completed complaint form or letter to us by mail at U.S. Department of Agriculture, Director, Office of Adjudication, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410; by fax (202) 690-7442; or email at program.intake@usda.gov.

OMEGA is an Equal Opportunity provider and employer

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